Long-term debt

6 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Long-term debt

(5) Long-Term debt. Long-term debt is summarized as follows (in thousands):

	March 31,	September 30,
	2012	2011
5.6% to 8.6% mortgage notes
due in installments through 2027	$    64,862	67,272
Less portion due within one year	5,068	4,902
	$    59,794	62,370

The Company has a $37,000,000 uncollateralized Revolving Credit Agreement with three banks, which matures on December 13, 2013. The Revolver bears interest at a rate of 1.00% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The Revolver contains limitations on availability and restrictive covenants including limitations on paying cash dividends. Letters of credit in the amount of $12,082,000 were issued under the Revolver. As of March 31, 2012, $24,918,000 was available for borrowing and $53,947,000 of consolidated retained earnings would be available for payment of dividends. The Company was in compliance with all covenants as of March 31, 2012.

The fair values of the Company’s mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At March 31, 2012, the carrying amount and fair value of such other long-term debt was $64,862,000 and $67,717,000, respectively.